Groundnuts shortage lifts its oil

Better support price: A scene at the Groundnut Fest at Basavanagudi in Bangalore on Monday. Rabi oilseeds acreage is marginally higher on year at 71.9 lakh hectares against last year's 71.4 lh. A higher support prices announced by the Centre and better soil moisture level in growing areas have resulted in improved coverage for oilseeds. Groundnut has been sown over 3.23 lakh hectares compared with 2.83 lakh hectares last year — Harsha Padyana

Rajkot, Dec. 18:

Shortage of nuts pushed up a 15-kg groundnut oil tin above Rs 2,200. In the past four days, groundnut oil has increased by Rs 70 a tin. Cottonseed oil declined on lower demand.

Loose groundnut oil was traded at Rs 1,320-1,325 for 10 kg. A new 15-kg tin was Rs 2,210-2,220. A 15-kg telia tin was quoted at Rs 2,022-2,023. About 50-60 tonnes of the oil was traded in Saurashtra mills. In Gujarat, 5,000 bags arrived in Rajkot, 9,000 in Gondal and 350 in Jamnagar.

Nuts output has tumbled because of poor monsoon this year, said a miler in Gondal. Only about 15,000 bags of groundnuts are arriving daily in the State, which is not enough for millers. Moreover, peanut traders have bought almost half of the arrivals creating a shortage for crushers.

Cotton oil (wash) declined by Rs 5 to Rs 617-620 for 10 kg and a 15-kg new tin by Rs 5 to Rs 1,095-1,105.

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